Beauty Changes Lives

“Effective april 1st, 2016, the american association of cosmetology schools entered into an agreement to separate from beauty changes lives foundation. Each organization will be governed by its own board of directors, including the management of investments and endowments, general policy matters, governance, compliance matters, and day-to-day management of programs. Neither organization shall have any financial obligation to the other organization, nor any control or involvement in the decisions or activities of the other organization. The articles of incorporation were amended to reflect this change. In the agreement reached between the two organizations, beauty changes lives scholarship fund will continue to be awarded to students of the amercian association of cosmetology schools through december 31st, 2026.”

“The treasurer of the organization distributes a pdf copy of the 990 return to all board members for review and comment prior to being filed. At the first meeting of the board following the filing of the 990 with the irs, the complete form 990 is presented to the board by the organizations lead officers with responsibility over the form 990s review thereafter, questions are taken and the form, its preparation, and its public relation impact is discussed.”

“At each board and committee meeting, if there is a discussion of selecting or engaging a vendor or service provider, all in attendance are asked to recuse themselves from this discussion if there could be a perceived conflict. Annually, the organization reviews and discusses the conflict of interest policy and requests that each board member list and acknowledge any known conflicts.”

“A compensation policy is in place that would require the board as whole, or the executive committee to review the compensation for all officers or key employees by comparing their compensation to the compensation of individuals in like positions , in comparable organizations using forms 990, compensation studies, and other available data. The board or committee would then approve any changes to the compensation agreement based on this information. The organization has no other paid officers or employees meeting the irs definition of a key employee.”

“The organization will provide in a timely manner, copies of all tax returns, governing documents including its conflict of interest policies and financial statements when requested in writing or in person.”

“During the months june through december 2015, suzanne mulroy was compensated 35,000 for executive management services. Ms. Mulroy was hired january 1, 2016 as an employee of the organization, for the position of executive director. Ms. Mulroys employee compensation for the period january 1 2016 to march 31 2016 was 15,000.”

“The board of directors have assigned members to an audit committee to oversee the financial statement audit and select the independent auditor.”